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Rates Higher, 1st Time in 2 Weeks; Housing Starts Fall, Permits Improve, Opposite of Expectations

Rates Higher, 1st Time in 2 Weeks; Housing Starts Fall, Permits Improve, Opposite of Expectations

Mortgage rates moved higher today for the first time in nearly 2 weeks. After rising slightly on Monday June 6th, rates have been on a mission--moving slowly and steadily to the lowest levels in well over 3 years. Even after today's modest increase, rates are still at 3-year lows in terms of contract interest rates. Today's effective rate (which factors in upfront costs/credits) is just a bit higher. The most prevalently-quoted conventional 30yr fixed rate is 3.5% on top tier scenarios with only a few lenders on either side of that at 3.375% or 3.625%. Keep in mind, of course, that the average loan isn't "top tier," which makes 3.625% a more prevalent rate overall. The question is whether or not rates will continue to operate near these ultra-low levels. The last time we were in this territory
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